Chevron USA completed its purchase from Petrobras America of all outstanding shares and equity interests of Pasadena Refining System, including a refinery in Pasadena, and PRSI Trading for $350 million. The Pasadena complex of 466 acres includes a refinery of 110,000 b/d, 5.1 million barrels of oil and products storage capacity, marine terminal and logistics […]
U.S. marks 13 consecutive months as net exporter of natural gas
The U.S. Energy Information Administration said May 1 that February marked 13 consecutive months for the nation’s natural gas exports to exceed imports. The U.S. exports natural gas by pipeline to Canada and Mexico and increasingly exports LNG to several other countries. Exports to Canada tend to be seasonal to be used as heating fuel, […]
Texas Petro Index for March up 9.4 percent in past year
The Texas Petro Index prepared for March by Amarillo petroleum economist Karr Ingham remains relatively flat but above the index of a year ago. The March index was 212.4 for a decline of less than a point from 213.2 in February. The index was 212.2 in December and 212.5 in January, but 194.2 in March […]
Permian counties in NM gain rigs, Texas declines in past week
For the second straight week, the count of active oil and gas rigs remained below 1,000 in U.S. and below 500 in Texas, according to Baker Hughes. As of May 3, there were 990 rigs in U.S. (991 a week ago, 1,032 a year ago) and 484 in Texas (491 a week ago, 515 a […]
Pioneer divests Eagle Ford assets to become pure-play Permian company
Irving-based Pioneer Natural Resources said in its first-quarter earnings report May 6 that it closed on sale of 59,000 net acres and remaining assets in Eagle Ford Shale to Houston startup Ensign Natural Resources to become a pure-play Permian Basin company. The assets are located primarily in Bee, DeWitt, Karnes and Live Oak counties and […]
Magellan Midstream to construct terminal in Midland
Tulsa-based Magellan Midstream Partners said in its first-quarter earnings report May 1 that it will construct a $30 million refined products storage and distribution terminal in Midland. Construction is expected to begin immediately, and operations are expected to begin in mid-2020. The new terminal will connect to the company’s refined products pipeline system that transports […]
Oxy to acquire Anadarko after Chevron declines to submit new bid
Chevron said Thursday it will not submit a new bid for The Woodlands-based Anadarko Petroleum, allowing Occidental Petroleum to acquire Anadarko’s prized assets in Permian Basin and remain the Permian’s top producer for the foreseeable future. The decision by San Ramon, Calif.-based Chevron ends a takeover battle after Anadarko initially agreed to be purchased by […]
Flaring of byproduct natural gas increases 85 percent in 2018
Bloomberg reported that the Permian Basin produced so much natural gas at the end of last year that producers were flaring more than enough of the fuel to satisfy residential demand across the state. Flaring, a common practice by drillers, burns gas that can’t be easily or efficiently captured, stored or transported to market. Bloomberg […]
Natural gas prices at Waha hub near Coyanosa fall to $0.00
Regional producers told the Midland Reporter Telegram that natural gas prices at the Waha hub near Coyanosa have fallen to as low as $0.00. Bill Graham of Incline Energy told the Reporter Telegram last month the Waha plant “has so much gas available that it outruns their delivery capacity. With the supply outrunning their demand, […]
Clinic opens in Carlsbad for employees of Conoco, Marathon, XTO Energy
A medical clinic opened in Carlsbad last month for employees of three of the largest oil and gas operators in southeastern New Mexico. ConocoPhillips, Marathon Oil and XTO Energy employ thousands of people in Eddy County, and they are now served by a clinic operated by XStremeMD, a 13-year-old company based in Lafayette, La. XStremeMD […]
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